The Chairman of the National Oil Corporation (NOC), Masoud Suleiman, reported today that he held an extensive meeting with the chairmen of oil-producing companies, members of financial management committees, and the companies' financial directors.
Also in attendance were NOC Board Member Hussein Safar, directors of relevant NOC departments, and representatives from various oil sector service companies.
The meeting aimed to discuss key operational and financial matters and to review the companies' requirements for the upcoming period.
The meeting discussed plans to increase production, the major technical and operational challenges facing oil fields and sites, and the need to urgently resolve bottlenecks that could impact operations. It also addressed the 2026 budget, emphasizing the importance of allocating funds based on priorities, the companies' actual needs, and the requirements for sustaining production.
At the meeting, Suleiman underscored the necessity of replenishing produced reserves and boosting exploration activities, as well as strengthening the refining and petrochemical sectors.
Expedite debt payments, ensuring continuity of services & preventing disruption to operations
The meeting also addressed the issue of accumulated debts and outstanding payments owed to service companies. We discussed the need to establish practical mechanisms to settle these obligations and expedite payments, ensuring the continuity of services and preventing any disruption to operations at various sites.
Occupational safety at oil fields and sites a priority to increasing production
Furthermore, Suleiman emphasized that occupational safety at oil fields and sites is a priority equal in importance to increasing production. He highlighted the need to enhance preparedness and ensure the availability of essential safety resources—including ambulances, fire trucks, and the equipment necessary to handle emergencies. He emphasized the necessity of improving conditions for workers at oil fields and ports—paying close attention to accommodation, catering, supplies, and essential services—and ensuring a suitable, safe work environment that befits the daily efforts they dedicate to maintaining operations and production.
Suleiman also directed that these matters be monitored directly, with priorities established based on the specific needs of each company and site, and that the resolution of existing issues be expedited. This is to ensure that budgets and measures taken translate into tangible results on the ground, specifically stable production and more efficient operations.
